Cross Border Tax Consultants

If you have intentionally misreported, consider the Voluntary Disclosure Program (VDP). You will still have to pay the taxes owing and the interest generated due to the corrections but if your application is accepted by the CRA you could receive penalty relief or prosecution relief and some of your interest generated could also be waived off.   To apply for VDP, certain criteria need to be met: i) The disclosure must be made before the CRA finds out about it and contacts you. ii) You should provide complete information. iii) The information must be older than a year iv) You must be facing penalties or tax charges. It is always advisable to seek professional advice from a qualified accountant as it is difficult to keep track of all the rules and changes made in tax filing. You are also more prone to making mistakes that could cost you a lot if you do not have the proper knowledge. If you are looking for expert advice and assistance regarding your individual income tax return,...

Did you claim the wrong deduction on your taxes? Or, did you forget to state a job income that you had a T4 for? Mistakes can cost you a lot, especially when making mistakes in filing tax returns.   Here are some common mistakes you need to look out for a while filing your personal tax return. 1. Failing to report Principal Residence Exemption The Principal Residence Exemption provides an exemption from tax on any profit gained from the sale of property that is designated as your principal residence. The sale must be reported on your tax return along with the designation on the second page of Schedule 3. You should also fill sections related to the principal residence in Form T2091. 2. Not Reporting Foreign Properties and Income If you owned any foreign property with a total cost exceeding $100,000 at any time of the year, you are required to submit Form T1135 along with your tax return by the due date. Failure to do so will result in a hefty penalty of $25 per day, which is ...